Cyprus has submitted to the European Commission the revised Recovery and Resilience Plan, incorporating the REPower EU chapter with additional funds of €104 million, as well as revised timeline of landmarks, which would tackle delays in the Plan’s implementation, the finance ministry said.
According to a press release issued by the ministry’s directorate for growth, the new chapter of REPower EU will enhance the energy sector, facilitating actions which would contribute in meeting the EU target to reduce energy dependency from Russia.
The REPower EU envelope will facilitate the scaling up of five projects already included in the Recovery Plan and four new investments in the field of energy.
These measures will facilitate the reduction of Cyprus energy needs and consequently reduce the island’s dependency from fossil fuel imports, through increased investments in improvements of energy efficiency, promoting clean transport, accelerating renewable energy and the provision of incentives to promote the development of new innovative technologies to tackle weaknesses and bottlenecks in Cyprus energy system facilitating the green transition.
Furthermore, the plan also features revised timeline for preconditions and landmarks concerning the disbursement of funds which would assist Cyprus to tackle delays and problems that emerged in complying with the landmarks and targets concerning the applications for the 2nd and 3rd disbursement.
The Cyprus Recovery Plan features €1 billion in grants and €200 million in loans from the EU Recovery and Resilience Facility and has been approved by the EU institutions in July 2021.